Bank of America Corp DE Reduces Stock Holdings in RLI Corp. (NYSE:RLI)

Bank of America Corp DE trimmed its position in RLI Corp. (NYSE:RLI - Free Report) by 42.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,259 shares of the insurance provider's stock after selling 35,103 shares during the period. Bank of America Corp DE owned 0.05% of RLI worth $7,790,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Jane Street Group LLC lifted its holdings in shares of RLI by 212.8% during the 4th quarter. Jane Street Group LLC now owns 18,579 shares of the insurance provider's stock worth $3,062,000 after acquiring an additional 12,639 shares during the last quarter. Kapitalo Investimentos Ltda bought a new stake in shares of RLI during the 4th quarter worth $143,000. Voleon Capital Management LP bought a new stake in shares of RLI during the 4th quarter worth $428,000. Schonfeld Strategic Advisors LLC lifted its stake in RLI by 90.2% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 13,651 shares of the insurance provider's stock worth $2,250,000 after purchasing an additional 6,473 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in RLI by 5.4% in the fourth quarter. AQR Capital Management LLC now owns 45,905 shares of the insurance provider's stock worth $7,566,000 after purchasing an additional 2,337 shares during the last quarter. 77.89% of the stock is owned by institutional investors.

RLI Stock Performance

RLI traded up $0.73 during trading on Thursday, hitting $76.23. The company's stock had a trading volume of 95,900 shares, compared to its average volume of 365,855. The company has a quick ratio of 0.38, a current ratio of 0.34 and a debt-to-equity ratio of 0.07. RLI Corp. has a one year low of $68.50 and a one year high of $91.15. The firm has a market cap of $7.00 billion, a PE ratio of 20.35 and a beta of 0.72. The business's 50 day simple moving average is $76.00 and its 200-day simple moving average is $78.51.

RLI (NYSE:RLI - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The insurance provider reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.04. The company had revenue of $36.73 million during the quarter, compared to analysts' expectations of $442.20 million. RLI had a net margin of 19.53% and a return on equity of 16.63%. RLI's quarterly revenue was down 8.3% on a year-over-year basis. During the same period last year, the company posted $0.95 earnings per share. As a group, sell-side analysts predict that RLI Corp. will post 3.08 EPS for the current fiscal year.

RLI Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, May 30th will be paid a $0.16 dividend. This is a boost from RLI's previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date is Friday, May 30th. RLI's dividend payout ratio (DPR) is presently 21.05%.

Wall Street Analyst Weigh In

RLI has been the subject of several recent research reports. JMP Securities reissued a "market perform" rating on shares of RLI in a research note on Thursday, April 24th. Wall Street Zen raised shares of RLI from a "sell" rating to a "hold" rating in a research note on Tuesday, May 6th. Compass Point cut shares of RLI from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of RLI from $95.00 to $85.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, RLI currently has a consensus rating of "Hold" and an average price target of $78.60.

Insiders Place Their Bets

In related news, Director Robert P. Restrepo, Jr. sold 2,864 shares of RLI stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $74.89, for a total transaction of $214,484.96. Following the completion of the sale, the director now owns 23,312 shares in the company, valued at $1,745,835.68. This trade represents a 10.94% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jordan W. Graham sold 1,500 shares of RLI stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $74.77, for a total transaction of $112,155.00. Following the sale, the director now owns 12,854 shares of the company's stock, valued at $961,093.58. The trade was a 10.45% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.16% of the company's stock.

RLI Company Profile

RLI Corp., an insurance holding company, underwrites property and casualty insurance. Its Casualty segment provides commercial and personal coverage products; and general liability products, such as coverage for third-party liability of commercial insureds, including manufacturers, contractors, apartments, and mercantile.